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首页 [沃伦·巴菲特之路].The.Warren.Buffett.Way

[沃伦·巴菲特之路].The.Warren.Buffett.Way.pdf

[沃伦·巴菲特之路].The.Warren.Buffett.W…

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2011-06-20 0人阅读 举报 0 0 0 暂无简介

简介:本文档为《[沃伦·巴菲特之路].The.Warren.Buffett.Waypdf》,可适用于考试题库领域

满分网(wwwmanfennet)更多英语学习资料:http:manfennetthreadhtmlMorePraiseforTheWarrenBuffettWay,FirstEdition“TheWarrenBuffettWayoutlineshiscareerandpresentsexamplesofhowhisinvestmenttechniquesandmethodsevolvedandtheimportantindividualsintheprocessItalsodetailsthekeyinvestmentdecisionsthatproducedhisunmatchedrecordofperformanceFinally,thebookcontainsthethinkingandthephilosophyofaninvestorthatconsistentlymademoneyusingthetoolsavailabletoeverycitizennomatterwhattheirlevelofwealth”PeterSLynchbestsellingauthor,OneUpOnWallStreetandBeatingtheStreet“RobertHagstrompresentsanindepthexaminationofWarrenBuffett’sstrategies,andthe‘howandwhy’behindhisselectionofeachofthemajorsecuritiesthathavecontributedtohisremarkablerecordofsuccessHis‘homespun’wisdomandphilosophyarealsopartofthiscomprehensive,interesting,andreadablebook”JohnCBogleChairman,TheVanguardGroup“WarrenBuffettissurelytheGreatestInvestorofthiscenturynotsomuchbecausehebuiltagreatfortunewithafreemarketasbecausehesharedhisimportantthinkingwithusandhasopenlydemonstratedthesagacityandcouragesovitaltosuccessBerkshireHathawayhasbeenmylargest,longestinvestmentWarrenhasbeenmybestteacher”CharlesDEllisManagingPartner,GreenwichAssociates“WarrenBuffettisoftencharacterizedsimplyasa‘valueinvestor’ora‘BenGrahamdisciple’Hagstromfillsintherestofthestorywithsomeimmenselypracticalpointersonprosperinginthemarket”MartinSFridsonManagingDirector,MerrillLynch“Insimplelanguage,thisbooktellstherulesbywhichthemostsuccessfulAmericanstockinvestorofmoderntimegotthatwayItcouldbeagodsendtothelegionofunhappyinvestorswhokeepflounderingbecausetheyignorethebasicsofmajorinvestmentsuccess”PhilFisherauthor,CommonStocksandUncommonProfits满分网(wwwmanfennet)更多英语学习资料:http:manfennetthreadhtml满分网(wwwmanfennet)更多英语学习资料:http:manfennetthreadhtmlTHEWARRENBUFFETTWAY满分网(wwwmanfennet)更多英语学习资料:http:manfennetthreadhtml满分网(wwwmanfennet)更多英语学习资料:http:manfennetthreadhtmlTHEWARRENBUFFETTWAYSecondEditionROBERTGHAGSTROMJohnWileySons,Inc满分网(wwwmanfennet)更多英语学习资料:http:manfennetthreadhtmlCopyright©byRobertGHagstromAllrightsreservedPublishedbyJohnWileySons,Inc,Hoboken,NewJerseyPublishedsimultaneouslyinCanadaNopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmittedinanyformorbyanymeans,electronic,mechanical,photocopying,recording,scanning,orotherwise,exceptaspermittedunderSectionoroftheUnitedStatesCopyrightAct,withouteitherthepriorwrittenpermissionofthePublisher,orauthorizationthroughpaymentoftheappropriatepercopyfeetotheCopyrightClearanceCenter,Inc,RosewoodDrive,Danvers,MA,,fax,oronthewebatwwwcopyrightcomRequeststothePublisherforpermissionshouldbeaddressedtothePermissionsDepartment,JohnWileySons,Inc,RiverStreet,Hoboken,NJ,,faxLimitofLiabilityDisclaimerofWarranty:Whilethepublisherandauthorhaveusedtheirbesteffortsinpreparingthisbook,theymakenorepresentationsorwarrantieswithrespecttotheaccuracyorcompletenessofthecontentsofthisbookandspecificallydisclaimanyimpliedwarrantiesofmerchantabilityorfitnessforaparticularpurposeNowarrantymaybecreatedorextendedbysalesrepresentativesorwrittensalesmaterialsTheadviceandstrategiescontainedhereinmaynotbesuitableforyoursituationYoushouldconsultwithaprofessionalwhereappropriateNeitherthepublishernorauthorshallbeliableforanylossofprofitoranyothercommercialdamages,includingbutnotlimitedtospecial,incidental,consequential,orotherdamagesForgeneralinformationonourotherproductsandservices,ortechnicalsupport,pleasecontactourCustomerCareDepartmentwithintheUnitedStatesat,outsidetheUnitedStatesatorfaxWileyalsopublishesitsbooksinavarietyofelectronicformatsSomecontentthatappearsinprintmaynotbeavailableinelectronicbooksFormoreinformationaboutISBNPrintedintheUnitedStatesofAmericaWileyproducts,visitourwebsiteatwwwwileycom满分网(wwwmanfennet)更多英语学习资料:http:manfennetthreadhtmlvContentsForewordtotheSecondEditionviiBillMillerForewordtotheFirstEditionixPeterSLynchPrefacexvIntroductionxixKennethLFisherTheWorld’sGreatestInvestorTheEducationofWarrenBuffett“OurMainBusinessIsInsurance”:TheEarlyDaysofBerkshireHathawayBuyingaBusinessInvestingGuidelines:BusinessTenetsInvestingGuidelines:ManagementTenetsInvestingGuidelines:FinancialTenetsInvestingGuidelines:ValueTenets满分网(wwwmanfennet)更多英语学习资料:http:manfennetthreadhtmlviCONTENTSInvestinginFixedIncomeSecuritiesManagingYourPortfolioThePsychologyofMoneyTheUnreasonableManAfterword:ManagingMoneytheWarrenBuffettWayAppendixNotesAcknowledgmentsIndex满分网(wwwmanfennet)更多英语学习资料:http:manfennetthreadhtmlviiForewordtotheSecondEditionWhenRobertHagstromfirstpublishedTheWarrenBuffettWayin,itquicklybecameaphenomenonTodate,morethanmillioncopieshavebeensoldThebook’spopularityisatestimonytotheaccuracyofitsanalysisandthevalueofitsadviceAnytimethesubjectisWarrenBuffett,itiseasytobecomeoverwhelmedbythesheersizeofthenumbersWhereasmostinvestorsthinkintermsofhundredsorperhapsthousands,BuffettmovesinaworldofmillionsandbillionsButthatdoesnotmeanhehasnothingtoteachusQuitetheoppositeIfwelookatwhathedoesandhasdone,andareabletodiscerntheunderlyingthinking,wecanmodelourdecisionsonhisThatistheprofoundcontributionofRobert’sbookHecloselystudiedWarrenBuffett’sactions,words,anddecisionsforanumberofyears,andthensetaboutanalyzingthemforcommonthreadsForthisbook,hedistilledthosecommonthreadsintotwelvetenets,timelessprinciplesthatguideBuffett’sinvestmentphilosophythroughallcircumstancesandallmarketsInjustthesameway,theycanguideanyinvestorTheenduringvalueofRobert’sworkisduetothisclearfocusalthoughthebooktalksaboutinvestmenttechniques,itisfundamentallyaboutinvestmentprinciplesAndprinciplesdonotchangeIcanalmost满分网(wwwmanfennet)更多英语学习资料:http:manfennetthreadhtmlviiiFOREWORDTOTHESECONDEDITIONhearWarrensaying,withhiswrysmile,“That’swhytheycallthemprinciples”ThepasttenyearshavegivenusavividdemonstrationofthatbasictruthInthosetenyears,thetrendsofthestockmarketchangedseveraltimesoverWewitnessedahighflyingbubblethatmademanypeoplerich,andthenasteepcrashintoaprotracted,painfulbearmarketbeforethemarketfinallyhitbottominthespringofandstartedtoturnbackupAllalongtheway,WarrenBuffett’sinvestmentapproachneverchangedHehascontinuedtofollowthesameprinciplesoutlinedinthisbook:•Thinkofbuyingstocksasbuyingfractionalinterestsinwholebusinesses•Constructafocusedlowturnoverportfolio•Investinonlywhatyoucanunderstandandanalyze•Demandamarginofsafetybetweenthepurchasepriceandthecompany’slongtermvalueBerkshireHathawayinvestors,asusual,reapthebenefitsofthatsteadyapproachSincetherecoverybeganin,BerkshireHathawaystockisupabout$,pershare,morethanpercent,farsurpassingthereturnsoftheoverallmarketoverthecomparableperiodThereisachainofthinkingforvalueinvestorsthatbeginswithBenjaminGraham,throughWarrenBuffettandhiscontemporaries,tothenextgenerationofpractitionerssuchasRobertHagstromBuffett,Graham’sbestknowndisciple,frequentlyadvisesinvestorstostudyGraham’sbookTheIntelligentInvestorIoftenmakethesamerecommendationmyselfAndIamconvincedthatRobert’sworkshareswiththatclassicbookonecriticalquality:theadvicemaynotmakeyourich,butitishighlyunlikelytomakeyoupoorIfunderstoodandintelligentlyimplemented,thetechniquesandprinciplespresentedhereshouldmakeyouabetterinvestorBILLMILLERCEO,LeggMasonCapitalManagement满分网(wwwmanfennet)更多英语学习资料:http:manfennetthreadhtmlixForewordtotheFirstEditionOneweekdayeveningearlyinIwashomewhenthetelephonerangOurmiddledaughter,Annie,theneleven,wasfirsttothephoneShetoldmethatWarrenBuffettwascallingIwasconvincedthishadtobeaprankThecallerstartedbysaying,“ThisisWarrenBuffettfromOmahaasifImightconfusehimwithsomeotherWarrenBuffettIjustfinishedyourbook,Ilovedit,andIwouldliketoquoteoneofyoursentencesintheBerkshireannualreportIhavealwayswantedtodoabook,butIneverhavegottenaroundtoit”Hespokeveryrapidlywithlotsofenthusiasmandmusthavesaidfortywordsinfifteenortwentyseconds,includingacoupleoflaughsandchucklesIinstantlyagreedtohisrequestandIthinkwetalkedforfiveortenminutesIrememberheclosedbysaying,“IfyouevervisitOmahaanddon’tcomebyandseeme,yournamewillbemudinNebraska”ClearlynotwantingmynametobemudinNebraska,ItookhimuponhisofferaboutsixmonthslaterWarrenBuffettgavemeapersonaltourofeverysquarefootoftheoffice(whichdidnottakelong,asthewholeoperationcouldfitinsidelessthanhalfofatenniscourt),andIsaidhellotoallelevenemployeesTherewasnotacomputerorastockquotationmachinetobefoundAfteraboutanhourwewenttoalocalrestaurantwhereIfollowedhisleadandhadaterrificsteakandmyfirstcherryCokeinthirtyyearsWetalkedaboutjobswehadaschildren,baseball,andbridge,and满分网(wwwmanfennet)更多英语学习资料:http:manfennetthreadhtmlxFOREWORDTOTHEFIRSTEDITIONexchangedstoriesaboutcompaniesinwhichwehadheldinvestmentsinthepastWarrendiscussedoransweredquestionsabouteachstockandoperationthatBerkshire(henevercalledhiscompanyBerkshireHathaway)ownedWhyhasWarrenBuffettbeenthebestinvestorinhistoryWhatishelikeasanindividual,ashareholder,amanager,andanownerofentirecompaniesWhatissouniqueabouttheBerkshireHathawayannualreport,whydoeshedonatesomuchefforttoit,andwhatcansomeonelearnfromitToattempttoanswerthosequestions,Italkedwithhimdirectly,andrereadthelastfiveannualreportsandhisearliestreportsaschairman(theandreportseachhadonlytwopagesoftext)Inaddition,IhaddiscussionswithnineindividualsthathavebeenactivelyinvolvedwithWarrenBuffettinvariedrelationshipsandfromdifferentviewpointsduringthepastfourtooverthirtyyears:JackByrne,RobertDenham,DonKeough,CarolLoomis,TomMurphy,CharlieMunger,CarlReichardt,FrankRooney,andSethSchofieldIntermsofhispersonalqualities,theresponseswerequiteconsistentWarrenBuffettis,firstofall,verycontentHeloveseverythinghedoes,dealingwithpeopleandreadingmassquantitiesofannualandquarterlyreportsandnumerousnewspapersandperiodicalsAsaninvestorhehasdiscipline,patience,flexibility,courage,confidence,anddecisivenessHeisalwayssearchingforinvestmentswhereriskiseliminatedorminimizedInaddition,heisveryadeptatprobabilityandasanoddsmakerIbelievethisabilitycomesfromaninherentloveofsimplemathcomputations,hisdevotionandactiveparticipationinthegameofbridge,andhislongexperienceinunderwritingandacceptinghighlevelsofriskininsuranceandinreinsuranceHeiswillingtotakeriskswheretheoddsoftotallossarelowandupsiderewardsaresubstantialHelistshisfailuresandmistakesanddoesnotapologizeHeenjoyskiddinghimselfandcomplimentshisassociatesinobjectivetermsWarrenBuffettisagreatstudentofbusinessandawonderfullistener,andabletodeterminethekeyelementsofacompanyoracomplexissuewithhighspeedandprecisionHecanmakeadecisionnottoinvestinsomethinginaslittleastwominutesandconcludethatitistimetomakeamajorpurchaseinjustafewdaysofresearchHeisalwaysprepared,forashehassaidinanannualreport,“NoahdidnotstartbuildingtheArkwhenitwasraining”满分网(wwwmanfennet)更多英语学习资料:http:manfennetthreadhtmlForewordtotheFirstEditionxiAsamanagerhealmostnevercallsadivisionheadorthechiefexecutiveofacompanybutisdelightedatanytimeofthedayornightforthemtocallhimtoreportsomethingorseekcounselAfterinvestinginastockorpurchasinganentireoperation,hebecomesacheerleaderandsoundingboard:“AtBerkshirewedon’ttellhittershowtoswing,”usingananalogytobaseballmanagementTwoexamplesofWarrenBuffett’swillingnesstolearnandadapthimselfarepublicspeakingandcomputerusageInthesWarreninvested$inaDaleCarnegiecourse“nottopreventmykneesfromknockingwhenpublicspeakingbuttodopublicspeakingwhilemykneesareknocking”AttheBerkshireannualmeetinginfrontofmorethan,people,WarrenBuffettsitsonastagewithCharlieMunger,and,withoutnotes,lecturesandrespondstoquestionsinafashionthatwouldpleaseWillRogers,BenGraham,KingSolomon,PhilFisher,DavidLetterman,andBillyCrystalTobeabletoplaymorebridge,earlyinWarrenlearnedhowtouseacomputersohecouldjoinanetworkwhereyoucanplaywithotherindividualsfromtheirlocationsalloverthecountryPerhapsinthenearfuturehewillbegintousesomeofthehundredsofdataretrievalandinformationservicesoncompaniesthatareavailableoncomputerstodayforinvestmentresearchWarrenBuffettstressesthatthecriticalinvestmentfactorisdeterminingtheintrinsicvalueofabusinessandpayingafairorbargainpriceHedoesn’tcarewhatthegeneralstockmarkethasdonerecentlyorwilldointhefutureHepurchasedover$billionofCocaColainandafterthestockhadrisenoverfivefoldthepriorsixyearsandoverfivehundredfoldtheprevioussixtyyearsHemadefourtimeshismoneyinthreeyearsandplanstomakealotmorethenextfive,ten,andtwentyyearswithCokeInhepurchasedaverymajorpositioninGEICOwhenthestockhaddeclinedfrom$to$andthegeneralperceptionwasthatthestockwasdefinitelygoingtozeroHowcantheaverageinvestoremployWarrenBuffett’smethodsWarrenBuffettneverinvestsinbusinesseshecannotunderstandorthatareoutsidehis“CircleofCompetence”Allinvestorscan,overtime,obtainandintensifytheir“CircleofCompetence”inanindustrywheretheyareprofessionallyinvolvedorinsomesectorofbusinesstheyenjoyresearchingOnedoesnothavetobecorrectverymanytimesinalifetimeasWarrenstatesthattwelveinvestmentsdecisionsinhisfortyyearcareerhavemadeallthedifference满分网(wwwmanfennet)更多英语学习资料:http:manfennetthreadhtmlxiiFOREWORDTOTHEFIRSTEDITIONRiskcanbereducedgreatlybyconcentratingononlyafewholdingsifitforcesinvestorstobemorecarefulandthoroughintheirresearchNormallymorethanpercentofBerkshire’scommonstockholdingsarerepresentedbyonlyfivedifferentsecuritiesOneoftheprinciplesdemonstratedclearlyseveraltimesinthisbookistobuygreatbusinesseswhentheyarehavingatemporaryproblemorwhenthestockmarketdeclinesandcreatesbargainpricesforoutstandingfranchisesStoptryingtopredictthedirectionofthestockmarket,theeconomy,interestrates,orelections,andstopwastingmoneyonindividualsthatdothisforalivingStudythefactsandthefinancialcondition,valuethecompany’sfutureoutlook,andpurchasewheneverythingisinyourfavorManypeopleinvestinawaysimilartoplayingpokerallnightwithouteverlookingattheircardsVeryfewinvestorswouldhavehadtheknowledgeandcouragetopurchaseGEICOat$orWellsFargoorGeneralDynamicswhentheyweredepressedastherewerenumerouslearnedpeoplesayingthosecompanieswereinsubstantialtroubleHowever,WarrenBuffett’spurchaseofCapitalCitiesABC,Gillette,WashingtonPost,AffiliatedPublications,FreddieMac,orCocaCola(whichhaveproducedover$billionofprofitsforBerkshireHathaway,orpercentofthe$billionofshareholders’equity)wereallwellruncompanieswithstronghistoriesofprofitability,andweredominantbusinessfranchisesInadditiontohisownshareholders,WarrenBuffettusestheBerkshireannualreporttohelpthegeneralpublicbecomebetterinvestorsOnbothsidesofhisfamilyhedescendedfromnewspapereditors,andhisAuntAlicewasapublicschoolteacherformorethanthirtyyearsWarrenBuffettenjoysbothteachingandwritingaboutbusinessingeneralandinvestinginparticularHetaughtonavolunteerbasiswhenhewastwentyoneattheUniversityofNebraskainOmahaIn,whenhewasworkinginNewYorkCity,hetaughtanadulteducationcourseonthestockmarketatScarsdaleHighSchoolFortenyearsinthelatesandshegaveafreelecturecourseatCreightonUniversityInheservedonacommitteeheadedbyAlSommerJr,toadvisetheSecuritiesandExchangeCommissiononcorporatedisclosureAfterthatinvolvement,thescaleoftheBerkshireannualreportchangeddramaticallywiththereportwritteninlateandearlyTheformatbecamemoresimilartothepartnershipreportsheproducedfromto满分网(wwwmanfennet)更多英语学习资料:http:manfennetthreadhtmlForewordtotheFirstEditionxiiiSincetheearlys,theBerkshireannualreportshaveinformedshareholdersoftheperformanceoftheholdingsofthecompanyandnewinvestments,updatedthestatusoftheinsuranceandthereinsuranceindustry,and(since)havelistedacquisitioncriteriaaboutbusinessesBerkshirewouldliketopurchaseThereportisgenerouslylacedwithexamples,analogies,stories,andmetaphorscontainingthedo’sanddon’tsofproperinvestinginstocksWarrenBuffetthasestablishedahighstandardforthefutureperformanceofBerkshirebysettinganobjectiveofgrowingintrinsicvaluebypercentayearoverthelongterm,somethingfewpeople,andnoonefromtobesideshimself,haveeverdoneHehasstateditwillbeadifficultstandardtomaintainduetothemuchlargersizeofthecompany,buttherearealwaysopportunitiesaroundandBerkshirekeepslotsofcashreadytoinvestanditgrowseveryyearHisconfidenceissomewhatunderlinedbythefinalninewordsoftheJuneannualreportonpage:“Berkshireh

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